CHINA and the United States issued a joint statement Saturday on economic and trade consultations, vowing not to launch a trade war against each other.

Based on the directions of President Xi Jinping and U.S. President Donald Trump, the Chinese and U.S. delegations conducted constructive consultations on trade issues on Thursday and Friday, the statement said.

The two sides agreed to take effective measures to substantially decrease the U.S. trade deficit in goods with China.

China will significantly increase its purchase of U.S. goods and services to meet the consumption needs of the Chinese people and propel the high-quality economic development of China, which also helps support the U.S. economic development and employment, according to the statement.

The two nations agreed to meaningfully increase the export of U.S. agricultural and energy products. The U.S. side will send a delegation to China for further consultations.

The two sides talked about the expansion of trade on manufactured goods and services, and have reached consensuses to create favorable conditions to increase trade in those areas.

The statement said that the two sides highly valued intellectual property protection and agreed to promote cooperation in this regard.

China will promote revision of related laws and regulations including the Patent Law, according to the statement.

The two sides also agreed to encourage two-way investment, and committed to creating a business environment for fair competition.

The two nations agreed to maintain high-level contacts in this regard and actively seek to resolve their economic and trade concerns.

The Chinese delegation was led by Xi’s special envoy and Vice Premier Liu He, and the U.S. officials included Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and Trade Representative Robert Lighthizer.

Also on Saturday, Liu told media in an interview that the two sides agreed not to launch a trade war and to stop slapping tariffs against each other, which are the most remarkable fruits of the consultations.

(Xinhua)

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